CIG Pannónia general insurance unit to start operating in Oct

Wednesday, February 16, 2011, 07:20

Hungarian-owned insurer CIG Pannónia is preparing to start operations in the non-life segment and expects to enter the market at the beginning of October, Ottó Csurgó, chief executive CIG Pannónia First Hungary General Insurance, told MTI on Tuesday.

Financial market watchdog PSzÁF approved Csurgó's appointment to head the insurance company in a resolution published on Monday. It also approved his appointment to the board of CIG Pannónia Life Insurance Company.

CIG Pannónia Life Insurance's legal predecessor started operating in 2008. Its owners established a general insurance unit in the spring of 2009, but its market entry was postponed because of the crisis. (MTI – Econews)

Related articles

The National Bank of Hungary (MNB) could take a decision on introducing certification for "consumer-friendly" home insurance products in the second half of 2019, modelled on the central bankʼs "consumer-friendly" seal of approval for home loans.

According to insurance company Aegonʼs Great Home Test (Nagy Lakásteszt), fire is the most feared home damage category among Hungarians, even if water-related damage causes more harm, with burst pipes being the most frequent cause of damage, a press release from the insurer shows.

Insurance company NN Biztosító Zrt. has signed a 5,500 square-meter office lease agreement in the next building of Atenorʼs Váci Greens development, Building F, which is still under construction, according to a press release sent to the Budapest Business Journal.

K&H Bank Group Hungary registered net revenues of HUF 45.1 billion in the first nine months of 2018, with K&H Insurance reporting a net result of HUF 3.2 bln, according to a press release sent to the Budapest Business Journal.

The National Bank of Hungary (MNB) said on Wednesday it has fined insurance company Allianz Hungária HUF 125 million for various shortcomings related to its outsourcing practices, portfolio management, customer services, and IT security systems.

Insurance company Uniqa is set to expand its innovative Cherrisk model to Europe, with the innovative, user interface-optimized model having completed a successful pilot period in Hungary, according to a press release sent to the Budapest Business Journal.

Heavy rain and thunderstorms over the first weekend of September caused damage in excess of HUF 280 million in just three days for clients of insurance company Aegon, according to a press release sent to the Budapest Business Journal.

While some countries in Western Europe have accident insurance coverage among their populations of more than 80%, Hungarian coverage is paltry, at only 10-20%, according to a press release sent to the Budapest Business Journal by Union Insurance.